I don't know what your scoring is, but Coles has actually had a pretty good year, hasn't he? In my Sportsline league, he is the #7 WR with 58 points. Jacobs is the #30 RB with just 28 points, though he was injured for several games. RB's are a little more scarce and it sounds like Pnnington is about to be benched, so I'm not sure that I would have made this trade either, but I don't think he was trying to rip you off.
Anyone on the free market that you could get for a week? How about J. Jones from the Packers or R. Brown from Philly? I just added those guys in other leagues to handle byes, as well as R. White from Atlanta.